Berjaya Corp Bhd (BCorp) is looking to sell off its shares in Berjaya Auto Bhd (BAuto) for RM526.26 million to a special purpose vehicle (SPV) controlled by key members of the Mazda distributor’s management.
The conglomerate will hold a 33.33% stake only in the SPV, thereby substantially reducing its shareholding in BAuto.
BCorp said its wholly-owned subsidiary Berjaya Group Bhd had signed a memorandum of understanding (MoU) with BAuto chief executive officer Datuk Seri Yeoh Choon San, who represented the company’s management in the proposed “disposal-cum-injection” exercise.
This plan will begin by BAuto’s management injecting up to 10% of the company’s shares — amounting to 114.52 million shares — into this SPV. In return, the management will receive 240.49 million shares in the SPV, which works out to a 66.67% stake.
Berjaya Group will then put all of its 21.88% equity interest in BAuto into this proposed SPV. The former will receive 120.25 million shares with a par value of RM1 each in the SPV, and RM406.01 million cash — which the SPV will raise through debt. Both BAuto’s management and Berjaya Group, value the BAuto shares to be injected at RM2.10 apiece.
In total, the SPV will hold at the maximum, 365.12 million or 31.88% of BAuto shares.
Electronic manufacturing services provider PIE Industrial Bhd has proposed a one-for-five share split.
The company said the exercise will see its issued and paid-up capital increase to 384.04 million shares of 20 sen each, from 76.81 million shares of RM1 each as at April 4.
“The proposed share split is expected to improve the liquidity of PIB shares on the main market of Bursa Securities, by increasing the number of shares in issue,” PIE Industrial said in a filing with Bursa Malaysia.
Furthermore, the adjustment in the market price of PIB shares pursuant to the proposed share split is expected to result in the split shares being more affordable, in order to appeal to a wider group of public shareholders and investors,” it added.
Guinness Anchor Bhd (GAB), which saw its net profit for the three months ended March 31, 2016, jump 29% from a year ago, said it is cautious of increasing prices as this will push consumers away from duty-paid products to contraband.
"With the recent increase in excise duties for alcohol products effective March 1 and subdued Malaysian consumer sentiment, the group continues to operate in a challenging environment," GAB managing director Hans Essaadi said in a statement today.
"(However,) we expect to maintain the momentum going forward, by leveraging on Heineken's strong global brands' activation platforms, and supported by an efficient global supply chain, which opens opportunities for cost savings through more strategic procurement," he added.
The Irish brewer's net profit for the January–March 2016 period rose to RM50.85 million or 16.83 sen a share, from RM39.46 million or 13.06 sen a share a year ago.
Revenue grew 5% to RM458.91 million, from RM437.33 million, mainly due to higher sales volume and better brand mix on the backdrop of good festive performance during Chinese New Year. This was partially off-set by the goods and services tax implementation.
Eden Inc Bhd is exiting Pakistan's power business, after the disposal of its minority shareholding in power plant developer S K Hydro (Pvt) Ltd.
According to its bourse filing today, Eden and its executive chairman Tan Sri Abd Rahim Mohamad are selling their entire 5,600 shares in S K Hydro to White Crystal Ltd for 56,000 Pakistani rupees (RM2,077). They acquired the stake in 2005.
White Crystal is a wholly-owned subsidiary of Saudi Arabia-based Al Jomaih Group.
Eden said it was disposing of its shares, because it deems the project not viable due to a change in the Pakistan government policies and the requirement by the government to increase the capacity from 440 megawatt (MW) to 840MW.
Datuk Md Wira Dani Abdul Daim, the son of former finance minister Tun Daim Zainuddin, has emerged as a substantial shareholder of Reliance Pacific Bhd, after upping his stake in the company to 12.29%.
A filing with Bursa Malaysia today showed that Dani, together with his mother Toh Puan Mahani Idris, had acquired 66.97 million shares, which represent a 7.8% stake in the company, on April 8, via off-market transactions.
Based on the closing price of Reliance Pacific shares on April 8 of 39 sen, the purchased 66.97 million shares have a market value of RM26.12 million.
With the purchase, Dani and Mahani now have an indirect 105.49 million shares or a 12.29% stake in Reliance Pacific, via their private vehicle Ibu Kota Developments Sdn Bhd.
Boo Kuang Loon has been appointed as the new chief executive officer (CEO) of property developer Yong Tai Bhd, with immediate effect.
In a statement today, Yong Tai said that Boo, 43, who has been an executive director in the company since October 7 last year, has vast and extensive experience in the property and development sector.
Currently, Boo is also the CEO of PTS Properties Sdn Bhd, an established property development company he founded in 2007, with prominent developments in Melaka and Klang Valley.
Axiata Group Bhd has completed the acquisition of an 80% stake in Nepal-based Ncell Private Ltd, the number one mobile telecommunication network operator there.
In a filing with Bursa Malaysia today, Axiata said the terms of the sale and purchase agreement were met for the US$1.365 billion transaction. Axiata said the transaction had obtained approvals regulators in Nepal and Malaysia.
In December last year, Axiata said the company via its wholly-owned subsidiary Axiata Investments (UK) Ltd, signed the SPA with TeliaSonera UTA Holdings BV and SEA Telecom Investments BV for the acquisition of a 100% stake in Reynolds Holding Ltd.
Progressive Impact Corp Bhd (Picorp) said its RM43.6 million contract to construct a sewerage treatment plant project in Johor, has been cancelled.
Picorp won the contract from Danga Bay Sdn Bhd in February, via its 90%-owned subsidiary Alam Sekitar Eco-Technology Sdn Bhd (ASET).
In a filing with Bursa Malaysia today, Picorp said ASET received a notice for the mutual termination of the letter of award for the contract, and has agreed to accept the termination with claims of costs for work done.
The company said the termination was due to the recent changes on the design of the sewerage treatment plant, which has resulted in the total cost of the project going up.
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